A company made a $200 payment on account for supplies that had been previously purchased. Place an Ad. Analysis of Transaction Journal Entry The payment would be recorded in January as a:-debit of $4,500 to Cash, a credit of $1,500 to Advertising Expense, and a credit of $3,000 to Prepaid Advertising. -Adjusting entries are intended to change the operating results to reflect management's objectives for operating performance. Prepare the general journal entry to record this transaction. Prepare the general journal entry to record this transaction. A company receives $10,000 in cash for services yet to be pe - Quizlet -Debit Cash $10,000 and credit Unearned Revenue $10,000. This 12-month period also applies to landlords who need to file Form 8300 once they've received more than $10,000 in cash for a lease during the year. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Bale Company collected $11,500 from a client for services previously provided on account. A company collected $38,000 of sales on account. Include the name, address and phone number of the person filing the Form 8300. This is a very flexible, part-time position that requires afternoon/evening and Part Time Remote jobs in Seattle, WA Sort by: relevance - date 319 jobs Mental Health Counselor new Telemynd 4.9 Remote in Washington State $100,000 - $135,000 a year Top Tech Jobs & Startup Jobs In Seattle Total of 1,262 jobs in 124 companies Staff . A company performed services on account for $8,500. Cashiers checks, bank drafts, travelers checks, or money orders with a face value of more than $10,000 are not considered cash either. Prepare the general journal entry to record this transaction. $10,000, (D) Debit cash $10,000, credit sales revenue $10,000, (E) Debit accounts receivable $10,000, credit salles revenue (A) Debit cash$10,000, credit accounts receivable $10,000 (B) Debit cash$10,000, credit sales revenue$1 0,000 (C) Debit sales revenue$10,000, credit cash $10,000 A company purchased equipment on account for $5,000. Kazaam Company's operations provide a positive net cash inflow of $33,375a good result. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. You must file Form 8300 by the 15th day after the date the cash transaction occurred. Sock Pony be out soon but. Civil and criminal penalties may apply if you fail to file Form 8300 and provide a written statement to each person named on Form 8300. A company provided services to a client and collected $5,400 cash. than $1,000 are capitalized. Prepare the general journal entry to record this transaction. Be a single statement aggregating the value of the prior year's total reportable transactions. (C) Debit sales revenue $10,000, credit cash $10,000 Form 8300 and Reporting Cash Payments of Over $10,000 | Internal Revenue Service Form 8300 and Reporting Cash Payments of Over $10,000 Generally, if you're in a trade or business and receive more than $10,000 in cash in a single transaction or in related transactions, you must file Form 8300. Prepare the general journal entry to record this transaction. Jane will not provide any services to the bank and she is unable to influence the engagement. A company provided services on account for $22,500. $10,000, Question 1: Answers: Option (D) Debit cash $10,000, credit unearned revenue $10,000 . Income statement and Cash flow statement Accounting profit: The process of accrual accounting recogni. Then, if the company receives more than $10,000 cash in additional payments from the driver, the company must file another Form 8300. Rappers Longest Prison Sentences (Ksoo, Glokk9ine, YNW Melly - Facebook A company received $1,250 in cash from a customer for services previously performed. A company performs $10,000 of services and issues an The IRS requires that you file Form 8300 within 15 days of receiving the money in a transaction. A company paid $800 to a creditor on account. Any outlay of money by a company for any purpose. A company purchased $1,200 of supplies on account. Those who file many forms may find the batch e-filing option helpful. -When closing entries are prepared, contributed capital is debited if a company has a net loss. A report of cash payments on a Form 8300 can be filed by mail, online, or through a tax professional. Prepare the general journal entry to record this transaction. debit of $1,500 to Advertising Expense, a debit of $3,000 to Prepaid Advertising, and a credit of $4,500 to Cash. Form 8300 is a document that must be filed with the IRS when an individual or business receives a cash payment over $10,000. 16. A person is an individual, company, corporation, partnership, association, trust, or estate. The income statement shows the effects of the transactions in June. Prepare the general journal entry to record this transaction. Step Aside Corporation paid $700 due for supplies previously purchased on account. Prepare the general journal entry to record this transaction. A dealership doesn't file Form 8300 if a customer pays with a $7,000 wire transfer and a $4,000 cashier check. The BSA E-Filing System includes batch processing functionality in XML format. At the end of the month, the related adjusting journal entry will include a-debit to Wages Payable for $1,400 and a credit to Wages Expense for $1,400. The Process Of Accrual Accounting Question 1: Presentation of Financial Statements A. Purchase any used PWC from now until Dec. 31 2022 and receive a free, installed PWC Brackets Bluetooth sound system! A company received a cash payment of $10,000 in advance from a client.
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